James River (JRCC) Drops as Segment Peer Sees Lower Q3 Production
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James River Coal Co. (Nasdaq: JRCC) is getting hit again today, following an update from peer CONSOL Energy (NYSE: CNX).
CONSOL said it expects third-quarter 2012 coal production of 14 million to 14.5 million tons, down from 14.6 million in the second-quarter 2012 and 14.7 million produced in the third-quarter of 2011.
CONSOL was expecting to produce 14.2 million to 14.9 million tons in the second-quarter.
The big takeaway from CONSOL is its previously mentioned news that Blacksville No. 2 and Robinson Run (NAPP) mines will see normal vacation schedules increased by a combined three weeks during the quarter. This is a hat tip to slowing global coal demand.
Earlier in the week, James River hit another bump when peer Patriot Coal announced bankruptcy plans.
Since the close last Friday, shares of James River are down 41 percent.
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CONSOL said it expects third-quarter 2012 coal production of 14 million to 14.5 million tons, down from 14.6 million in the second-quarter 2012 and 14.7 million produced in the third-quarter of 2011.
CONSOL was expecting to produce 14.2 million to 14.9 million tons in the second-quarter.
The big takeaway from CONSOL is its previously mentioned news that Blacksville No. 2 and Robinson Run (NAPP) mines will see normal vacation schedules increased by a combined three weeks during the quarter. This is a hat tip to slowing global coal demand.
Earlier in the week, James River hit another bump when peer Patriot Coal announced bankruptcy plans.
Since the close last Friday, shares of James River are down 41 percent.
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